Green Hills mixed-use project advances

Southern Land Co. buys needed acreage for $13.5 million

Oct. 5, 2013

Written by

The Tennessean

Southern Land Co. on Friday purchased the 2.5 acres it needed for its planned mixed-use project in Green Hills for roughly $13.5 million.

The deal for the property at Hillsboro Pike and Richard Jones Road brings the Franklin-based developer’s project closer to reality. The project has drawn attention of nearby residents because of its planned height, which is 22 stories at its highest point.

“We’re excited to close on the land as this is another key step of the project,” said Michael McNally, vice president of multifamily development at Southern Land.

He said the company doesn’t need any additional land for its upscale residential, retail and office community that’s expected to include a 22-story, 300-unit residential tower at the back of the site, 15,000 square feet of restaurant/retail space and 55,000 square feet of office space.

Southern Land will move its headquarters to the site, taking about one-third of the overall office space.

4 parcels purchased

Southern Land bought all but one of the parcels from Haury & Smith Contractors. Those parcels included the building at 2033 Richard Jones Road, where Haury & Smith has its offices, another piece of property at 2035 Richard Jones Road occupied by The Well Coffeehouse, and the former gas station site at 4000 Hillsboro Pike that currently is the home of the Green Hills Service Center auto maintenance shop. Those transactions totaled $10 million.

Green Hills Mixed Use LLC, a Southern Land affiliate, is listed as the buyer on all of the deeds filed with the Davidson County Register of Deeds.

The project is expected to be funded with 40 percent equity and 60 percent debt, all of which has already been secured, Southern Land officials said, citing Baltimore-based Redwood Capital as an equity source.

Construction of the mixed-use project is expected to start this spring and be finished in late 2016.

Getahn Ward covers growth and development for The Tennessean. Contact him at 615-726-5968 or gward@tennessean.com. Follow him on Twitter @Getahn.